Barack Obama helped cause the housing collapse

No matter how much the idiot liberal dumbocrat closes their eyes, puts their fingers in their ears, and yells "la-la-la-la-la-la-I-can't-hear-you" to reality, the facts are piling up that it was the idiot liberal Dumbocrat that caused the entire financial collapse:

President Barack Obama was a pioneering contributor to the national subprime real estate bubble, and roughly half of the 186 African-American clients in his landmark 1995 mortgage discrimination lawsuit against Citibank have since gone bankrupt or received foreclosure notices.

No matter how much the idiot liberal dumbocrat closes their eyes, puts their fingers in their ears, and yells "la-la-la-la-la-la-I-can't-hear-you" to reality, the facts are piling up that it was the idiot liberal Dumbocrat that caused the entire financial collapse:

President Barack Obama was a pioneering contributor to the national subprime real estate bubble, and roughly half of the 186 African-American clients in his landmark 1995 mortgage discrimination lawsuit against Citibank have since gone bankrupt or received foreclosure notices.

Just about every Worthless Politician on both sides of the Isle who served in the last 40 Years plus helped contribute to the Underlying Factors that Brought down the Housing Market, and the Financial House of Cards backing it up.

There is plenty of Blame to go around.

Those who try to Pin it all on Obama, are being as Ignorant as those who think it is all on Bush.

The Truth is Bush Policy may have been the Kick that knocked over the House of Cards, but he didn't build the House of Cards, and Obama well he has Made things worse in a misguided Big Government orientated attempt to rebuild the damn house of Cards on an even Shakier Table.

To settle subprime foreclosure shenanigans...Bank of America to pay Fannie Mae billions to settle mortgage claims7 January 2013 - The bank is also the subject of a civil lawsuit brought by federal prosecutors

Bank of America has agreed to pay US government mortgage agency Fannie Mae $11.6bn (£7.2bn) to settle claims relating to residential home loans. The bank will pay $10.3bn to settle claims relating to the loans and $1.3bn in compensation to the agency. Fannie Mae argued the bank sold it toxic debts and should be responsible for the losses it suffered.

Separately, 10 big mortgage providers agreed to pay $8.5bn compensation for mistakes in repossessing homes. The banks include Bank of America, Citigroup, JP Morgan and Wells Fargo. They will pay $3.3bn directly to homeowners, some of whom should not have lost their homes, regulators said. Individual owners will receive anything from a few hundred dollars to $125,000. Loan assistance and write-offs will make up the remaining $5.2bn.

Heavy losses

Fannie Mae supports the US mortgage market, which collapsed in 2008 after the housing bubble burst. It buys mortgages from banks, providing them with more funds to lend out. The agency said as part of the agreement Bank of America would make a cash payment of $3.55bn and in addition would repurchase about 30,000 loans for $6.75bn. In the run-up to the financial crisis of 2007-08, home loans grouped together and sold on as investments became increasingly popular. When the underlying mortgage holders were unable to repay their debts, the investments plummeted in value, with disastrous consequences for banks all over the world.

Freddie Mac is the other government mortgage agency. The two firms lost more than $30bn, partly because of their investments in the subprime mortgages, and were bailed out by the US government. Since the rescues, US taxpayers have spent more than $140bn to keep the firms afloat. Bank of America settled with Freddie Mac in 2011. Bill Brown from Duke University, law professor and expert in financial services, told the BBC's World Service that this latest settlement with Fannie Mae was drawing a line under the whole subprime mortgage-backed securities saga. "About a year or two ago there were many people worried that this line would not even start to be drawn. Right now we're 90% of the way to finishing the line."

Obama did not file the lawsuit nor was he the lead attorney. The word "landmark" should have been your first clue. Obama was a junior lawyer, just out of law school, one of eight attorneys assigned to the case.

"The 1994 case of Buycks-Roberson v. Citibank Fed. Sav. Bank had nothing to do with requiring lenders to do business with people "who could not show proof that they pay the money back." The case was a class-action lawsuit against Citibank Federal Savings on behalf of a black Chicago woman, Selma Buycks-Roberson, who claims she was unfairly denied a mortgage based on her race. The lawsuit sought to end the process of redlining, a discriminatory process in which banks, insurance companies and other business institutions refuse or limit loans, mortgages, insurance, etc., based solely in the geographic area in which the applicant lives..."

You gotta love that first paragraph with "In his landmark 1995 mortgage discrimination lawsuit against Citibank"

No matter how much the idiot liberal dumbocrat closes their eyes, puts their fingers in their ears, and yells "la-la-la-la-la-la-I-can't-hear-you" to reality, the facts are piling up that it was the idiot liberal Dumbocrat that caused the entire financial collapse

Just about every Worthless Politician on both sides of the Isle who served in the last 40 Years plus helped contribute to the Underlying Factors that Brought down the Housing Market, and the Financial House of Cards backing it up.

There is plenty of Blame to go around.

Those who try to Pin it all on Obama, are being as Ignorant as those who think it is all on Bush.

The Truth is Bush Policy may have been the Kick that knocked over the House of Cards, but he didn't build the House of Cards, and Obama well he has Made things worse in a misguided Big Government orientated attempt to rebuild the damn house of Cards on an even Shakier Table.

Click to expand...

Bingo.

As simple as all the partisans want to make the deepest and most complex financial meltdown in our history, it just ain't that simple.

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